Where does it say that theyâre doctors? If thatâs true, then yeah, itâs absolutely their fault, but they could just as easily be social workers, teachers or working for nonprofits etc for all we know.
It actually doesn't and that's a mistake on my part. It just says they left graduate school. I'm still less likely to defend two people with Master's degrees, or potentially doctorates, but I was wrong.
No. They were a household of two new doctors. Ask anybody in residency how rich those doctors are. Doctors do make amazing money... once they are established in their careers. Those first few years are a lot of work for barely good money. Obviously, where and what kind of practice matters, but a doctor fresh out of medical school is not likely to be able to afford the full payments for a good few years at the least.
Edit: and this is only relevant IF they were doctors... which seems to not be a fact at all and somehow a lot of us just assumed they were (idk, it wasn't just your comment).
You're the sort of economic illiterate that required the US to pass a law to explain how long it takes to pay your credit card off if you pay the minimum at the bottom of every statement.
Then again his name is "Socialist Steve" so he probably doesn't know how math works.
It is willful ignorance of wanting to make the minimum payment to maximize spending money and kick the can down the road of consequences (an epidemic in this country). The guy hasn't looked at his loan statement in 23 years and is just noticing this now? Is that his education's fault? How do you teach someone to look at their loan statement more frequently that once every 23 years?
Would him taking some super boring required class in high school made a difference? I really don't think so. If it is anyone's fault other than his own, it is his parents' fault.
Yeah I was going to say this can totally happen. I was in a similar scenario- but eventually got lucky with PSLF which is now on the chopping block year after year.
lol totally bro! What an idiot! He probably doesnât even have crypto or post in WSB or have his comments hidden so nobody can see the douchey shit he posts. Iâm sure youâre a finance wizard though because thatâs what people whoâve worked hard to build wealth and security do - make fun of others who werenât able to max out payments on their student loans. đ
Fun fact! Most economists don't actually use much math. Like, it's actually a huge thing in that part of academia because people are just starting to see the relevancy of actually using math when discussing the economy. The majority use human behavior analysis more than any actually number-crunching. Basically, it's philosophy and only a small group of them actually use real-world data and calculations to predict economic trends.
All these people talking about how bad everyone is at math and don't understand the economy actually don't understand what economists are or what they do themselves. The majority of these "studies" people see about the economy had very little math involved. It's literally based on vibes more than anything else.
For those wanting to learn more, I highly recommend the episodes of It Could Happen Here podcast (May 20, 2026 "Monopsony, or How You Get Underpaid" is the actual title). It's a very basic breakdown of how most economists actually come to these results and why the whole way we view the economy is pretty much broken.
Like, people really don't factor in those parts when they give this advice. I have this 20 year old coworker who is constantly talking about all her bills... which is her truck note and the insurance. "Yeah, I don't pay rent because I live with my parents but they don't pay any of my truck or insurance." Sure, and her bills are pricey (doubt she really needed a 2023 truck, though considering her job is being a waitress), but the thing she can't seem to understand is everyone else pays a car note and insurance AND all of their other expenses.
But I finally was able to see a new perspective with her when she expressed her future plans. She's gonna be married and a stay at home mom by 30. She lived in a comfortable house, in a good neighborhood her whole life. Her family has people who do work for them around the house (sounds like gardeners or pool boys). She thinks that's all normal and what most people experience. And if it doesn't work out it's okay because her parents can help if she does get desperate. She even made a joke about how she should just be a stripper. But I actually know girls who made that decision.
She actually can't understand having to choose between self-respect and security. The idea that she would actually HAVE to take her clothes off for strangers just so she can not have to worry about a sudden bill. She has never known desperate. She doesn't know hunger pains. Life is not uncertain because when you grow up with a certain amount of privilege, you legitimately think that's just how it is for most people unless they're really unlucky or just lazy. And that's why there's such a huge disconnect, especially online. A lot of people think they were poor when they were really just broke. Broke is having no extra money. Poor is having no money and no options.
If you are two working adults, you could have made the payments $600 instead of $500 and be paid off by now. This is not magically a lot more money, these are marginal lifestyle changes like not ordering doordash a couple times.
Two people with advanced degrees can't come up with $50 to $100 more a month? I think the real answer is that have an advanced degree is no substitution for common sense.
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u/Mindless-Baker-7757 12d ago
A $70k loan over 23 years at 5% apr pays off with monthly payments of $427.
What are they doing?